The Economic Commission for Latin America and the Caribbean (ECLAC) reported that Panama leads the economic growth of the region in 2023, with a rate of 6.1%, making our country the most dynamic in the region.
For Latin America and the CaribbeanThe international organization estimated growth of 2.2%, almost a third of Panama’s economic growth, he reported Ministry of Economy and Finance (MEF).
The figures of the international organization were presented after the publication State Institute for Statistics and Population Census (INEC) of the Chief Inspector of the Republicwhich showed that in the first half of 2023 Quarterly gross domestic product (GDP) Panama experienced a growth of 8.8%.
The MEF states that ECLAC’s announcement also came after INEC released the results of the Monthly Index of Economic Activity (IMAE), which shows economic growth in Panama of 8.7% in the cumulative period from January to August 2023.
In addition, it is pointed out that the main drivers of Panama’s economic activity in 2023 are construction, trade, Colon-free zonetransportation and power generation, according to INEC reports.
Among the economic indicators, the sale of new cars, trade in the Colón free zone, sales of fuel for national consumption, air traffic, income from tolls from the Panama Canal, export of bananas and fish, and labor contracts reported to the Ministry stand out. of labor and labor development (Mitradel).
As a result, in August 2023, the occupancy level of 2019 was restored. In August 2023, the number of employees increased to 1,938,616 peoplehigher than 1,920,642 people since August 2019.
On the other hand, the unemployment rate decreased significantly, starting from 18.5% in August 2020 to 7.4% in August 2023.
“Panama maintains one of the lowest inflation rates in the world, with a variation in the consumer price index of 2.1% through October 2023,” the MEF claims.
ECLAC warns that by 2024 growth is expected to slow down in the entire Latin American region, with a projection of 1.9%, which represents a decrease compared to previous years.
Source: Panama America
I am Jason Root, author with 24 Instant News. I specialize in the Economy section, and have been writing for this sector for the past three years. My work focuses on the latest economic developments around the world and how these developments impact businesses and people’s lives. I also write about current trends in economics, business strategies and investments.
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